Dynegy to Revise Earnings
For 2001 Downward by 12%

NEW YORK -- Dynegy Inc. said it would revise downward last year's earnings by 12% after canceling a $79 million tax benefit it had claimed from a natural-gas transaction called Project Alpha.

In a filing late Wednesday with the Securities and Exchange Commission, the Houston energy company said it would revise 2001 net income downward by the $79 million, or 23 cents a share. Under the restatement, last year's net income now totals...